Diane Bourdo, president of wealth management firm The Humphreys Group in San Francisco, California, spoke with The Boston Globe in the article “How every woman can protect her financial future (and why she needs to).” Diane Bourdo emphasized that women are already confident and smart when it comes to money — and that their financial power knows no bounds.
“So many women think they need to know about stocks before they start investing. And that’s just not the case,” Bourdo said. “When we get a new client, I often say, ‘Let me tell you a little secret: This isn’t hard. It’s not complicated. No advanced math. And it’s within your capacity to understand this.’”
Women are often dismissed because they want financial decisions to be built around a narrative, not just number crunching, or because their decisions are considered emotional. “We really think it’s a mistake to think that money has nothing to do with your emotions,” Bourdo said.
There are steps women can take right now to boost their financial literacy, Bourdo and other experts said:
- Think about a financial plan, not an investment plan.
- Talk about money with your friends and family.
- Understand your emotions about money and what’s important to you.
- Don’t hesitate to ask questions, even if they might seem off-target.
- Don’t abdicate power to a spouse or partner.
- Make sure you and your partner are saving enough for two.
- Learn to negotiate.
- Make your future a priority.
- Help others, but look after yourself first.
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